CBI claims green transition could unlock £57bn by 2030

Going for Green: The UK’s net zero growth opportunity, highlights 27 ‘green growth prizes’ across seven key areas: electric vehicles, low carbon power, heating and insulation, green services, hydrogen, carbon capture and storage (CCUS), and biofuels. Across these areas, the CBI calculated that a combination of cost savings, export opportunities and inward investment could deliver an economic boost of £37-57bn by 2030, equivalent to between 1.6 per cent and 2.4 per cent of GDP.

According to the CBI, a clear and stable policy environment is critical for encouraging the green investment required. It calls for major policy decisions to stimulate green markets, with definitive action on things like CCUS clusters and the phase-out of gas boilers. The report also recommends a compulsory net zero test for all government policy and urges all political parties to put net zero at the heart of their manifestos.

“If we needed any further proof that green growth really is the ‘economic opportunity of the 21^st century’ then a potential £57bn boost to the economy provides just that,” said Rain Newton-Smith, CBI director general. “Not only does it offer hope for lifting the current economic gloom, but it can deliver a path to sustained growth for years to come – all while providing vital protection to our environment, improved energy security and increased prosperity across the country.